PROCEPT BioRobotics reduces required CIBC deposit to $90M, frees excess cash

PROCEPT BioRobotics Corp

Loan amendment lowers minimum cash at CIBC to lesser of $90M or all non-operating cash.
Company may now keep cash and equivalents above that threshold at other financial institutions.
Existing covenants and terms of Loan Agreement remain unchanged except for the deposit requirement.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PROCEPT BioRobotics Corp amended First Amendment with Canadian Imperial Bank of Commerce (effective 2023-06-01).

Action: amendment
Agreement: credit facility
Counterparty: Canadian Imperial Bank of Commerce
Effective: 2023-06-01

Exact text from the filing

On June 1, 2023, PROCEPT BioRobotics Corporation (the “Company”) entered into a First Amendment (the “Amendment”) to the Loan and Security Agreement, dated as of October 6, 2022, by and between the Company and Canadian Imperial Bank of Commerce (the “Existing Loan Agreement” and including the Amendment, the “Loan Agreement”).

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PROCEPT BioRobotics Corp filing history →

Source: SEC EDGAR

accession 0001628280-23-020562

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